Competition eats into CMB margins

China Merchants Bank's net profit grew 16.6 per cent in the third quarter from a year earlier, driven by a rise in interest income, but net interest margin dipped amid fierce competition.

Earnings at the mainland's sixth-largest lender by assets reached 11.41 billion yuan (HK$14.16 billion).

The growth was boosted by an 11.3 per cent year-on-year increase in net interest income. However, net interest margin dropped 0.11 percentage point from the second quarter to 2.92 per cent.

via Business feed http://www.scmp.com/business/banking-finance/article/1072827/competition-eats-cmb-margins